In-Depth Analysis
Zimbabwe
The new dispensation has failed to manage an economic turnaround following the ouster of former President Robert Mugabe in 2017. Foreign investment inflows have not materialised to the extent that the Mnangagwa-administration was hoping for. External factors have placed additional pressure on an already-strained economy.
The longstanding currency chaos, which has persisted under President Emmerson Mnangagwa, has cut off Zimbabwe’s connections to the outer financial world. The Southern African nation is undoubtedly one of the most ill-equipped countries on the continent, if not the world, to deal with Covid-19. Our analysis shows that Zimbabwe will be among the continent’s main economic laggards this year. The economy is expected to suffer a very deep contraction in 2020, akin to levels last seen over a decade ago. In politics, Zimbabwe’s familiar tale – of a repressive Zanu-PF government led by a strongman president being feebly challenged by a fractured, squabbling opposition – looks set to continue. The Covid-19-related state of emergency has coincided with a familiar securitisation of the state, human rights violations, and a crackdown on the opposition. (Source: Zimbabwe Quarterly Update, published May 2020)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-3.3 |
|
Consumer Price Index (% change y-o-y, avg) |
255.4 |
|
Current Account Balance (as a % of GDP) |
0.8 |
|
Real GDP (annual % change) |
-8.3 |
|
GDP per Capita, US$ |
1,186.3 |
|
Import Cover (months) |
0.3 |
|
Population, million |
14.7 |
| Total External Debt (as a % of GDP) |
69.5 |